Australia: Digital bank Xinja raises over $2million via crowdfunding

Xinja is a digital bank startup which has raised over $2 million in what was Australia’s first equity crowdfunding offer. The equity funding campaign has more than 1000 investors with an average investment value of approximately $2000, well above the minimum investment of $250.

Eric Wilson, Xinja’s chief executive says, “The launch of equity crowdfunding in Australia created an opportunity for founding Xinjas to benefit from any success we have in the future, which is all part of our building a bank with our customers”.

Currently, Xinja offers a prepaid card and app and is aiming to launch a home loan product within the next few months.

RFi Group data from the Global Digital Banking Council shows there is an appetite amongst Australian consumers to use digital only banks, with 15% of respondents saying they would be highly comfortable (8-10 out of 10) using a digital-only bank.

These tech inclined respondents are customers Xinja will be hoping to capture as the banking landscapes shifts towards a more digital orientated future.

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